Hanwha Renewable Energy and Chrysalis Renewable Energy recently announced a strategic partnership aimed at accelerating the development and operation of renewable energy projects through a collaborative framework. According to the agreement, Chrysalis will acquire projects from Hanwha that are in the construction-ready or operational stages, utilizing a repeatable M&A model for investment. The initial collaboration will focus on the North American market, with plans to deploy over 3.5 gigawatts of solar and battery energy storage systems. There is potential to expand into regions such as Japan, Australia, and Italy in the future to broaden the asset portfolio and geographic reach.
Gordon Hay of Morrison Partners stated: "Morrison's partnership with Hanwha is a significant step in Chrysalis's strategy: establishing long-term relationships with leading developers to access high-quality, risk-managed renewable energy assets. By combining Hanwha's project delivery capabilities with Chrysalis's rigorous investment approach, supported by Morrison's expertise and resources, we are building an energy platform capable of delivering sustainable value and meaningful impact in key global energy markets. We are excited about the compelling opportunities this partnership will create for growth, innovation, and investor interests."
Through its affiliate, Qcells EPC, Hanwha has established a significant solar manufacturing foundation in the United States and possesses vertically integrated capabilities ranging from project development to long-term operation. This collaboration combines Hanwha's industrial platform with Morrison's 30 years of experience in the renewable energy sector, along with Chrysalis's long-term ownership model, creating a platform for institutional capital to build a diversified portfolio of contracted renewable energy generation assets.
Rich Chung, Chief Investment Officer of Hanwha Renewable Energy, added: "The scale and speed of global energy construction require platforms that integrate capital and execution from the outset. Our partnership with Morrison-backed Chrysalis reflects this belief, combining Hanwha's comprehensive capabilities with long-term institutional capital through an evergreen framework. Together with Morrison and Chrysalis, we are building a platform that can serve as a model for how institutional capital and industrial capabilities can work together to meet global energy demands. We look forward to executing our shared vision, accelerating investments, pioneering new markets, and delivering lasting value in the global energy landscape."
Currently, the collaboration between Chrysalis and Hanwha has advanced initial projects, with more developments to be announced in the future. This partnership represents the second pillar of Chrysalis's investment portfolio, operating in parallel with its collaboration with Innagreen, an affiliate of UK developer Renewable Energy Systems Ltd. Through this collaboration, Chrysalis has acquired projects developed by RES, including the Hilda and Bekevar wind projects located in Alberta and Saskatchewan, Canada.
